$1,590,000
402 S BECK Avenue
Tempe, AZ 85281
MLS# 5964560
Status: Pending



402 S BECK Avenue, Tempe, AZ 85281
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402 S BECK Avenue, Tempe, AZ 85281 402 S BECK Avenue, Tempe, AZ 85281 402 S BECK Avenue, Tempe, AZ 85281 402 S BECK Avenue, Tempe, AZ 85281 402 S BECK Avenue, Tempe, AZ 85281 402 S BECK Avenue, Tempe, AZ 85281 402 S BECK Avenue, Tempe, AZ 85281 402 S BECK Avenue, Tempe, AZ 85281 402 S BECK Avenue, Tempe, AZ 85281 402 S BECK Avenue, Tempe, AZ 85281 402 S BECK Avenue, Tempe, AZ 85281 402 S BECK Avenue, Tempe, AZ 85281 402 S BECK Avenue, Tempe, AZ 85281 402 S BECK Avenue, Tempe, AZ 85281 402 S BECK Avenue, Tempe, AZ 85281 402 S BECK Avenue, Tempe, AZ 85281 402 S BECK Avenue, Tempe, AZ 85281 402 S BECK Avenue, Tempe, AZ 85281 402 S BECK Avenue, Tempe, AZ 85281 402 S BECK Avenue, Tempe, AZ 85281 402 S BECK Avenue, Tempe, AZ 85281

Property Description
The Beck consists of (10) 1-bedroom units in a mid-century, block-constructed, single-story building. Many upgrades have been done on the property with a full exterior renovation and full interior updating on a number of the units. Washer / dryers have been added to 3 of the units as well. Value-add opportunity exists by continuing to raise rents, as well as through completing the interior renovations to the remaining units. The Beck is a single-story, 10-unit apartment building in the heart of Tempe and next to Arizona State University, one of the largest universities in the United States. The property is located just west of the famed Mill Avenue corridor and just south of Tempe Town Lake.

Details
Maps
Contract Info
Current Price: $1,590,000
List Price: $1,590,000
List Date: 2019-08-13
Location, Tax & Legal
Map Code/Grid: R36
House Number: 402
Compass: S
Street Name: BECK
St Suffix: Avenue
City/Town Code: Tempe
State/Province: AZ
Zip Code: 85281
Zip4: 2457
Country: USA
County Code: Maricopa
Subdivision: PECAN GROVE ESTATES
Assessor Number: 124-28-011-C
Taxes: 4433
Marketing Name: The Beck
General Property Description
Apx Lot Size Range: 165x94
Year Built: 1962
Zoning: R-3
Elem School Dist #: 003 - Tempe School District
High School Dist #: 213 - Tempe Union High School District
Remarks & Misc
Geo Lat: 33.426239
Geo Lon: -111.957221
Status Change Info
Status Change Date: 2019-12-13
Off Market Date: 2019-12-13
Under Contract Date: 2019-12-13
Status: Pending
Legal Info
Township: 1N
Range: 4E
Section: 16
Lot Number: 3
Income & Expenses
Owner Association: No
Annual Other Expense: 30310
Operating Exp: 34743
Other Income: 6916
Adjusted Gross Inc: 6916
Net Operating Income: 95570
Pmt & Rate Info
Cap Rate: 5.31
Equity: 1800000
Showing Instructions
Permission Required to Show: Yes
To Schedule Showing: Contact Via Text, Phone or Email
Primary Showing Contact: Listing Agent
ARMLS Lockbox: No
Non-ARMLS Lockbox: Yes
1 Bedroom Units
# 1 Bedroom Units: 10
Avg Rent: 880.5
Avg SqFt: 585
# Baths: 1
Property Features
Project Type: 5 - 12 Units
Construction: Block; Other (See Remarks)
Const - Finish: Brick Trim/Veneer; Other (See Remarks)
Roofing: Comp Shingle; Other (See Remarks)
Floors: Other (See Remarks)
Sale Includes: Land & Building; Other (See Remarks)
Community Amenities: Pool(s); Other (See Remarks)
Exterior Amenities: Landscape Wtr System; Other (See Remarks)
Interior Amenities: Other (See Remarks)
Appliances Included: Other (See Remarks)
Heating: Other (See Remarks)
Cooling: Other (See Remarks)
Water: City Franchise; Other (See Remarks)
Sewer: Sewer - Public; Other (See Remarks)
Electric: Other (See Remarks)
Gas: Other (See Remarks)
Parking: Other (See Remarks)
Roads/Streets: Asphalt/Blacktop
Owner Pays: Water
Tenant Pays: Electric
Source of Fincl Data: Projected Proforma
Existing 1st Loan: Other (See Rmks)
Existing 1st Ln Type: Not Applicable
Existing 1st Ln Trms: Not Applicable
Existing 2nd Loan: Other (See Remarks)
Existing 2nd Ln Type: Not Applicable
Existing 2nd Ln Trms: Not Applicable
Existing 3rd Loan: Other (See Remarks)
Existing 3rd Ln Type: Not Applicable
Existing 3rd Ln Trms: Not Applicable
Existing Othr Ln Trm: Not Applicable
New Financing: Conventional; 1031 Exchange; Other (See Remarks)
Reports/Disclosures: Other (See Remarks)
Environmental: None
Supplements
It is a short bike ride to the ASU campus and the nearest light rail station (at 3rd and Mill), both located approximately 1 mile away. The location is as central is it gets and allows residents to enjoy, with ease, so much of what Tempe has to offer. The Tempe Town Lake and Tempe Beach Park are minutes away with year-round activities including water sports, multiple annual music and food festivals, and more. The property is also just minutes to both the 202 Freeway and the 143, allowing easy access to all parts of the Valley. Also a short distance away is where the 2 million square foot State Farm campus sits, as well as where many new projects are underway, making this area of Tempe not only popular because of the University but also one of the most desirable areas in all of Arizona to live and work. This is truly the bulls-eye of the Phoenix metropolitan area.

Listing Office: ABI Multifamily

Last Updated: December - 14 - 2019

402 S BECK Avenue, Tempe, AZ 85281 - MLS# 5964560

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Sunday 15th of December 2019 06:53 PM